Moolenaar: New Biotech Investment Rules Help Stop CCP Takeover of Medicine Supply Chains

The Trump Administration has announced that it is including biotechnology in the proposed rules to implement the Comprehensive Outbound Investment National Security (COINS) Act signed into law last year. Chairman John Moolenaar of the Select Committee on China made the following statement:

“This decision by the Trump administration is an important step towards ensuring the medicines the American people rely on are researched, developed, and made in America. This is a victory for the American people and the strong bipartisan coalition of lawmakers who came together last year to pass the COINS Act and stop the flow of American dollars into sensitive industries in China. We cannot afford for American companies to boost China's biotech industry while labs and research facilities across our nation with higher ethical standards than China go empty.

“The Trump Administration is making it clear that biotechnology is a national security issue. The Select Committee will continue to work with Treasury and our partners in the Administration to ensure the final rule addresses the ways American capital and dependence on Chinese biotech assets still flow. The next step we must take is for Congress to pass my bipartisan Biotech Investment National Security Act and ensure similar rules are law for future administrations to come."